Cerba - comment

Cerba HealthCare announced its intention to open two mandat ad hoc procedures at both the operating company and top holding company levels, formally initiating a balance sheet restructuring process widely anticipated by creditors and investors. As a result, the announcement is expected to have a limited impact on underlying trading performance. Aside from this confirmation, the conference call provided limited incremental insight,

This will become a large advisers' feast, with various parties all taking separate advice: 

Sponsor (EQT): Financial adviser: Ondra Partners

Company (Cerba HealthCare / Chrome HoldCo): Financial adviser: Rothschild Legal adviser: Gibson Dunn

Independent Business Review (2026–2028): EightAdvisory

RCF Lenders (EUR 450m revolving credit facility): Financial adviser: Evercore Legal adviser: Paul Hastings

First-lien creditor group: Financial adviser: PJT Partners Legal advisers: Milbank; Willkie Farr & Gallagher

Biologist shareholder group (put option holders): Financial adviser: Lazard Legal adviser: Linklaters